The wisdom of George Osborne

[huncamunca]

George Osborne - you know him ? He's that toff who has never had to work a day in his life. You remember now ? You effectively voted him in with your lovely vote for the libdem opportunists ?

Heres a timely reminder of his take on things, before he attained real power

http://www.timesonline.co.uk/tol/comment/columnists/guest_contributors/article733821.ece

A wise man indeed

[Jah Lush]

The words wisdom, George and Osborne simply don't add up.

[Mick Mac]

He was right at the time. The initiatives that gave Ireland a platform for growth were forward thinking and made the most of their small country status in the EU.

Since this was written in 2006, Ireland and the Irish just got too greedy. Irresponsible lending and too many fat cat property developers spoiled the party for everyone.

['bout now]

He espouses the Irish economy

He is more or less Irish. Make of that what you will. I doubt the Irish are too pleased.

He is a monumental prick, FACT.

edited to say i don't like him

[huncamunca]

Mick Mac Wrote:

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> He was right at the time. The initiatives that

> gave Ireland a platform for growth were forward

> thinking and made the most of their small country

> status in the EU.

>

> Since this was written in 2006, Ireland and the

> Irish just got too greedy. Irresponsible lending

> and too many fat cat property developers spoiled

> the party for everyone.

On a facile level, yes, things looked rosy in Ireland, but the reailty was a booming economy based on the the sum of fuck all and your chancellor wasnt able to look beyond the headlines.

For anyone with a basic understanding of economics, The Irish party was always going to end with a grim hangover - the property developers merely piled in like everyone else.

[Michael Palaeologus]

Hindsight is a magnificent mountain from which to throw stones.

I seem to remember our own old Labour Iron Chancellor declaring the end to the boom and bust in the UK.

So much for that.

[concita]

who has interests in the building industry in Ireland? who has shares in that sector?

Apart from this I thought we had no money to spare for others and we were caput!

[Mick Mac]

huncamunca Wrote:

-------------------------------------------------------

:

> --------------------------------------------------

> -----

> For anyone with a basic understanding of

> economics, The Irish party was always going to end

> with a grim hangover

Really?

The Irish economy was based upon attracting businesses to Ireland, making use of the low corporate tax rates and the strongly educated english speaking local workforce. The country was in demand from companies from across the world.

The economy was smartly run at first and was growing long before other countries came out of the last slowdown.

One of the problems was that the EU restrictions prevented them raising interest rates, outside a narrow band linked to the rates in France and Germany which were still in slowdown. This is one of the major restrictions in the eurozone which limits your ability to control your own consumer spending.

Thus borrowing money remained cheap and the cheap money was too easy for the greedy property guys who borrowed and built and borrowed a bit more and buitlt a bit more. Ghost towns.

Its principally builders, property companies and hotel complexes that are going bust. The bad loans on these "enterprises" are being bought back from the banks by the government to save the banks.

Like the USA's sub prime, we are all going to pay for some of it. I suspect the UK will lend the money to Ireland and hopefully get the money back.

[????]

Twas the Euro - the Irish were running a budget surplus a few years back and decent investment from oversaes increased tax revenues with inflation kept low with reasonably high interest rates. Then the Euro....cheap money into a booming economy with a slightly lapse attitude from local and national politicians to building regs (Cough BUNGS and other cronyism) a huge huge bubble *pop*. That's what my irish coleagues tell me - plenty of mercs on the road, people in pubs and restaurants still.....the photos of beggars on the front of the independent and on the BBC website are typical of moany, lets look for the worst angle twats in the media.

Everyday I say a little prayer of thanks to a man I have very little respect for normally that goes "Thank you Gordon for keeping us out of the Euro despite the pressure from Tony and Mandy"